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How Can The Right BI Solution Help In Data Warehousing?

• Posted by Grow Dashboards November 1, 2022 Filed in Aliens & UFO 8 views
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  Over $600 billion is lost annually by enterprises due to inaccurate data, while only 2% of data is being saved and utilized. While these estimates will rise in line with technological progress, the truth remains that the vast majority of the data created by humans is either lost, disorganized, or useless in its current form. This means that most companies need to make better use of the data they collect every day by keeping it, putting it to good use, and evaluating it. 

   

  BI reporting tools and dashboards can help you effectively face this challenge in today’s information-driven society. 

   

  Most people's experience with faulty data begins with inefficient analytics due to improper data storage methods. Here, we explain what a data warehouse is, how it works, and what can a BI solution do to warehousing. 

   

  To begin, let's define a Data Warehouse. 

   

  Data warehouses (DWs) are large databases that collect and organize information from various sources, including but not limited to sales, marketing, and other operational units, for analysis and reporting. All of that information is stored and used in the following ways: 

   

  • Constant tasks, such as account administration, are required to keep a business running. 
  • Applying analytic techniques to data to provide actionable business intelligence 
  • Safeguarding financial transactions by keeping detailed records 
  • There are a plethora of different company procedures that call for in-depth familiarity with both customers and internal workings.

   

  What Role Can The Right BI Solution Play In Data Warehousing?

   

  Data warehousing and BI dashboard software have grown to include more tasks and processes. 

   

  If you have the correct information in your data warehouse and the right BI reporting tools to use that information, you can do many things to help you make strategic decisions. Among the options, but not the only ones, are: 

   

   

  • Data mining 

   

   

  Data mining is a way to get helpful information from a large raw data set. This method helps you find trends, themes, or patterns in the BI reports. It is also called ‘knowledge discovery.’ 

   

   

  • Measures of performance 

   

   

  Metrics are used to measure the behavior, activities, and, yes, performance of a business, its employees, or specific campaigns. Even though performance metrics are the result of analysis, they can be used for more analysis. Performance metrics measure the needed data within a range, which lets a hypothesis be made, proven, or disproven based on business goals already set. 

   

   

  • Querying 

   

   

  Analysts and business teams ask questions about data in business intelligence and warehouses to ensure it is correct or valid. Businesses and organizations can use BI dashboard software to ask and answer questions about their data when they have accurate data in place and the right questions to ask. 

   

   

  • Analysis of the numbers 

   

   

  Data analysis has many parts, and statistical analysis is one of them. In BI solution and data warehousing, statistical analysis collects and analyzes data samples. In statistics, a sample is a group of data taken from the whole population. For the analysis to be as accurate as possible and help you make smart, strategic decisions, you need to store the data in a warehouse and connect it to your BI processes. 

   

   

  • Data visualization 

   

   

  Data visualization makes data easier to understand and more helpful in making decisions. These can be charts, diagrams, data stories, or infographics that answer questions and back up decisions with data. Spreadsheets can be clunky and boring ways to show data, but visualizing data with visualizing and BI reporting tools can help bring more exciting and valuable information to life. 

   

   

  • Data storytelling 

   

   

  Data storytelling is putting data analyses into words that people can understand to influence or inform a business decision. If you have the right warehouse for your data and the best BI reporting tools, it will be easier to put together, and the stories will be more convincing.

   

  Closing Words-

   

  Integrate Grow’s BI reporting tools into your business to transform how you look at data. Read Grow Reviews from verified users Capterra to learn more!